The 24-year-old American notched up his third professional boxing win with a stunning first-round TKO win over former UFC fighter Ben Askren earlier this month.
Paul has targeted both McGregor and Dillon Danis in the past as the YouTuber-turned-boxer hasn't been shy at calling out athletes in the world of combat sports.
The YouTuber has also been involved in a war of words with ex-Love Island star Tommy Fury, as well as a heated confrontation with MMA legend Daniel Cormier at UFC 261.
However, Paul has now turned his attention to Diaz as he insisted that he could "obliterate" the 36-year-old MMA fighter.
The undefeated boxer added that he would be "undeniable" to fight McGregor if he managed to claim a victory over the 'Stockton Slugger.'
Speaking to ESPN, Paul said: "I think people will immediately write me off, but they're going to tune in to watch.
"It's two massive names and it's a massive pay-per-view.
"When people see me obliterate him [Diaz], their jaws are going to drop, they're not going to know how to react and they're going to think it's rigged again.
"At that moment in time, I'll be undeniable to fight Conor McGregor because I beat the guy who beat him.
"The Jake Paul vs Conor fight is a massive fight, so I'm like why wait?
"I don't need to be in this sport forever, I don't need 100 fights so why wait, let's do it right away."
However, the Stockton-born star will make his hotly anticipated return to the octagon against Leon Edwards at UFC 262 on 15th May.
McGregor, meanwhile, will hope to bounce back from his defeat to Dustin Poirier when the pair collide in their rematch at UFC 264 on 10th July.
However, the 32-year-old Irish superstar recently took a cheeky dig at Paul during his war of words on social media with UFC welterweight champ Kamaru Usman.
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